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SC directs Parsvanath to deposit Rs 12 crore within four weeks

The Supreme Court on Thursday directed real estate developer Parsvnath Buildwell to deposit Rs.12 crore with the court’s registry in four weeks. The court's order came while hearing an appeal by developer against the consumer
India TV Business Desk, New Delhi [Updated:15 Sep 2016, 13:13:07]
Parsvanath builders

The Supreme Court on Thursday directed real estate developer Parsvnath Buildwell to deposit Rs.12 crore with the court’s registry in four weeks.

The court's order came while hearing an appeal by developer against the consumer court order in its "Exotica" project in Ghaziabad asking the company to return money paid by 70 home buyers who were not delivered their flats.

The company’s Exotica project in Ghaziabad hit a roadblock after the Ghaziabad Development Authority (GDA) quashed a revised plan of construction.

A bench comprising justices Dipak Misra and C. Nagappan also declined to pass any order asking GDA to reconsider the issue.

Last month while pulling the realty major on delayed project, the SC sought a schedule from company on refunding money to home buyers for delay in the Exotica   project. 

In August, the Supreme Court had asked also asked another realty major Unitech to deposit Rs 15 crore for its unfinished project in Gurgaon.

In May this year, National Consumer Disputes Redressal Commission (NCDRC) had asked Parsvnath Developers to refund the amount paid by 70 home buyers in its Parsvnath Exotica project in Ghaziabad with 12 per cent interest for delaying the project.

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